The Beginners Mindset
Many sports betting beginners enter the gambling world with the assumption of it being an easy return on investment. Maybe you saw a crazy parlay on Instagram or Twitter that cashed $20 into $50k. We're here to tell you that, as good as it sounds, it's unfortunately not true.
Losing is Part of Gambling
As fun and exciting it is to cash winning bets, we unfortunately cannot win 'em all. Back in Step 1 we talked about how most profitable bettors seem to aim for about a 60%-win rate. That means that they expect to lose their bets 40% of the time! It is completely normal to lose some of your bets because in reality, no one is perfect. However, it is also especially important to stay composed when a bet loses or if you are in a little cold streak. We will discuss some strategies that help manage your bankroll later on so you can beat the bookies in the long run!
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Don't Bet with Your Heart, Bet with Your Brain
DO NOT bet on any team just because they are your favorite! I know it is hard to not bring your heart's bias into sports betting, but it is essential to bet only with your brain! If you come up close on a bet and lose, it is not smart to try to create another bet to make up for your losses. Placing one more big bet at the end of the night to try and make up for your previous losses is a very slippery slope! Trying to recoup your losses in one night will often lead to much larger losses. The key is to stay consistent with your bets - stay true to your unit size and to your bankroll building strategy! It will feel way better when you save your money on a cold night, for when you bounce back and cash your winning tickets!
Slow and Steady Gains
Betting on plays that have crazy high odds (+300 odds or higher) is not a sustainable way to build up your bankroll. As entertaining it is to see if you are going to cash that $10 to win $100 parlay, it can lead to large losing streaks and bettors losing their game plan. We went through the growing pains of sports betting, so you don’t have to! Our A+ Picks team and community have learned that sustainable profit comes from betting on plays around even odds (-200 to +200). It certainly may not be as exciting as those crazy parlays that can potentially increase your bankroll by 500%, but it certainly will be worth it in the long run!
Only Bet On Sports You Follow
Use your knowledge of the sports you know to your advantage, as it can end up giving you an edge over the bookies! It is possible for bettors to get greedy and start betting on sports they are not familiar with because they see others winning. The lack of knowledge can end up costing you because at the end of the day, the bet you place is probably a shot in the dark, and not going to win. It is crucial to stick to what you know and what you are good at. So, the next time your sportsbook is promoting a parlay on a sport you don’t follow, it’s for the best if you pass up the offer!
Social Media Gamblers vs Gambling Reality
We have all seen those crazy parlays from social media accounts that turn $1 into $10k. If you follow those accounts that will post the winning tickets of insane parlays, bettors may create a false sense that it is normal and easy to do the same thing as them. Unfortunately, it is not logical to expect these bets to happen. It is the equivalent to buying a lottery ticket and winning thousands from it. Yeah, it’s fun to throw a little bit of money on a Hail Mary every now and then; but when you find yourself consistently betting on crazy parlays, that’s when your losses begin to build up. As we have stated before, it is critical for bettors to stick to their profitable tactics!